Victorian Consolidated Legislation

Melbourne University Act 1958 - SECT 40C

Audit of companies

40C. Audit of companies



(1) If the University-

   (a)  forms, participates in the formation of, or is a member of, a company
        under section 40B that is not incorporated or taken to be incorporated
        under the Corporations Act; and

   (b)  has a substantial holding in the company as defined in section 9 of
        the Corporations Act with the modification that the reference to 5% in
        paragraph (a) of the definition of substantial holding in that section
        is to be read as 50%-

the accounts of the company shall be audited annually by the Auditor-General.

(2) The following provisions apply to the annual audit under subsection (1)-

   (a)  the Auditor-General and any person assisting the Auditor-General has
        with respect to the accounts of the company all the powers conferred
        on the Auditor-General by any law relating to the auditing of public
        accounts;





   (b)  the company must within 3 months after 31 December in every year cause
        its accounts to be balanced to that date and a statement of accounts
        to be prepared and submitted to the Auditor-General;

   (c)  the statement of accounts shall be prepared in the manner and in the
        form approved by the Treasurer and shall present fairly the financial
        transactions of the company during the year and the financial position
        of the company at the end of the year;

   (d)  the Auditor-General must forward to the Treasurer a copy of the
        audited annual accounts.

(3) Without limiting the generality of subsection (2)(a), the Auditor-General
and any person assisting the Auditor-General-

   (a)  has right of access at all times to the books, securities, accounts
        and vouchers of the company; and

   (b)  may require from an officer or employee of the company or the
        University any information, assistance and explanations necessary for
        the performance of the duties of the Auditor-General or person in
        relation to the audit.

(4) The University must pay to the Consolidated Fund an amount to be
determined by the Auditor-General to defray the costs and expenses of an audit
under this section.

(5) This section does not apply to a company of which the University has
ceased to be a member before the last preceding annual audit.





(6) The Auditor-General is not required to audit the accounts of a company
incorporated or formed in a place outside Australia under this section if-

   (a)  under the law applying to that company in that place, the
        Auditor-General cannot be appointed as auditor of the company; or

   (b)  in the Auditor-General's opinion, it is impracticable or unreasonable
        for the Auditor-General to audit, or be required to audit, the
        accounts.

Division 4-Audit